Artiva Biotherapeutics, Inc.
For the period ended Sep 30, 2026. Filed Nov 9, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 9, 2026
ARTV$4.22+1.7%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001193125-26-338029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-09.
0001193125-26-453549
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 142 previous paragraphs and 101 current paragraphs.
56 unchanged; 28 reworded; 17 added; 56 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (17)
Current report
On October 22, 2026, our board of directors approved the discontinuation of our development of AlloNK, as we conduct a process to explore strategic alternatives to maximize stockholder value, which includes a plan to implement a reduction of our workforce by approximately 94% of our then-current employee base (the Wind Down). We publicly announced this plan on October 27, 2026.
Current report
Following the discontinuation of AlloNK development, we continue to conduct clinical, regulatory, scientific and intellectual property activities, including orderly clinical trial close-out in coordination with the FDA, investigators and institutional review boards, continued patient safety monitoring and reporting, preparation of safety findings for potential scientific publication, and active management of our in-licensed intellectual property portfolio. We are retaining personnel to carry out these activities and support our evaluation of strategic alternatives.
Current report
We estimate that we will incur between $10 million and $15 million in contract termination and other costs related to the discontinuation and orderly close-out of our AlloNK clinical trials, and between $17 million and $20 million in costs related to our workforce reduction, including severance, benefits, payroll taxes and other termination costs. We expect to complete the workforce reduction in the first quarter of 2027 and to incur a significant majority of the costs related to the Wind Down in the fourth quarter of 2026. In addition, we expect to incur impairment charges, losses on disposals of assets, contract termination costs and other incremental expenses as a result of the strategic process and the amount of such charges and costs could be material to our results of operations and financial condition. The exact amounts and timing of recognition of such charges and costs is not yet known.
Current report
The estimated costs of the Wind Down, as well as the estimated timing of the related costs, are subject to a number of assumptions, and actual results may differ materially. We may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Wind Down.
Current report
Research and development activities were central to our business model prior to our decision to wind down our AlloNK development program in October 2026. We generally expect that our research and development expenses will decrease significantly as we wind down our AlloNK development program. Discontinuation of AlloNK development does not eliminate our continuing clinical trial close-out, patient safety monitoring and reporting, preparation of safety findings for scientific publication, and intellectual property management activities described under “Recent Developments” above. We expect to incur contract termination and other costs related to the discontinuation and orderly close-out of our AlloNK clinical trials. We expect to incur a significant majority of the costs related to the Wind Down in the fourth quarter of 2026. These estimated costs and their timing are subject to a number of assumptions, and actual results may differ materially. We may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Wind Down and our review of strategic alternatives, which could be material to our results of operations and financial condition.
Current report
Other Expense
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Current report
General and Administrative Expenses. General and administrative expenses were $16.0 million for the nine months ended September 30, 2026, compared to $15.3 million for the nine months ended September 30, 2025. The increase of $0.7 million was primarily comprised of a $1.1 million increase in personnel-related costs due to increased headcount, including a $0.6 million increase in non-cash stock-based compensation and a $0.5 million increase in administrative personnel expenses, partially offset by a $0.4 million decrease in legal costs.
Current report
We expect our ongoing operating expenses to decrease substantially in connection with the wind down of our AlloNK development program. However, we expect to incur the Wind Down costs described under “Recent Developments” above, with a significant majority of those costs expected to be incurred in the fourth quarter of 2026. These estimated costs and their timing are subject to a number of assumptions, and actual results may differ materially. We may also incur other charges or cash expenditures not currently contemplated in connection with the Wind Down and substantial additional expenses and other charges as we conduct our strategic alternatives review and evaluate and seek to consummate strategic transactions to maximize stockholder value.
Current report
If we are successful in consummating a strategic transaction that enables us to continue to develop our current or new product candidates, we will require substantial additional funding to expand our operations, hire additional personnel, initiate and successfully complete preclinical studies and clinical trials, obtain marketing approval and generate revenue from sales of our product candidates, if approved, and protect our intellectual property. We would expect to finance our operations through the public or private sale of our equity, government or private party grants, debt financings or other capital sources, including potential collaborations with other companies or other strategic transactions. Because of the uncertain outcome of our strategic review process and the numerous risks and uncertainties associated with product development, we cannot predict the timing or amount of our future expenses, and there is no assurance that we will ever be profitable or generate positive cash flow from operating activities.
Current report
If, for any reason, we utilize our capital resources more quickly than anticipated or are unable to obtain additional funding on a timely basis and/or complete a strategic transaction, we may be required to further revise our business plan and strategy or cease operations. This may limit the strategic options available to us. As a result, our business, financial condition, and results of operations could be materially affected.
Current report
We expect our ongoing operating expenses to decrease substantially in connection with the wind down of our AlloNK development program. However, we expect to incur the Wind Down costs described under “Recent Developments” above, with a significant majority of those costs expected to be incurred in the fourth quarter of 2026. These estimated costs and their timing are subject to a number of assumptions, and actual results may differ materially. We may also incur other charges or cash expenditures not currently contemplated in connection with the Wind Down and substantial additional expenses and other charges as we conduct our strategic alternatives review and evaluate and seek to consummate strategic transactions to maximize stockholder value. We will also continue to incur costs associated with our remaining contractual and regulatory obligations and operating as a public company. Our need for additional funding will depend on these costs and the outcome of our strategic review. Any resumption of development or commercialization activities would require substantial additional funding.
Current report
If we are successful in consummating a strategic transaction that enables us to develop our current or new product candidates, we will require substantial additional funding to expand our operations, hire additional personnel, initiate and successfully complete nonclinical studies and clinical trials, obtain marketing approval and generate revenue from sales of our product candidates, if approved, and protect our intellectual property. We would expect to finance our cash needs through public or private equity or debt financings or other capital sources, which may include strategic collaborations and other strategic arrangements with third parties. Because of the uncertain outcome of our strategic process and the numerous risks associated with product development, we cannot predict the timing or amount of our future expenses, and there is no assurance that we will ever be profitable or generate positive cash flow from operating activities. However, we may not be able to raise additional funds or enter into such other arrangements when needed or on favorable terms, or at all.
Current report
If, for any reason, we utilize our capital resources more quickly than anticipated or are unable to obtain additional funding on a timely basis and/or complete a strategic transaction, we may be required to further revise our business plan and strategy or cease operations. This may limit the strategic options available to us. As a result, our business, financial condition, and results of operations could be materially affected.
Current report
Cash Flow
Current report
Comparison of the Nine Months Ended September 30, 2026, and 2025
Current report
As discussed within Note 12, Subsequent Events, to our unaudited condensed financial statements included elsewhere in this Quarterly Report on Form 10-Q, on October 22, 2026, our board of directors approved the wind down of our AlloNK development program. As a result, our existing contractual obligations and commitments may be renegotiated, amended or altered as we wind down our AlloNK development program and explore strategic alternatives to maximize stockholder value. Our current estimates of the costs associated with the Wind Down and the expected timing of those costs are described in Note 12 and under “Recent Developments” above.
Removed paragraphs (56)
Previous report
In August 2025, we announced that we treated the first patient in our global Phase 2a basket clinical trial for AlloNK in combination with rituximab for refractory RA, Sjögren’s disease, idiopathic inflammatory myopathies and systemic sclerosis (SSc). The protocol for the Phase 2a basket trial allows for continuous enrollment with no stagger within dose levels and no hospitalization or inpatient requirement for patients dosed with AlloNK, and we are currently exploring dose levels of 1 billion cells and 4 billion cells per AlloNK dose in company-sponsored trials.
Previous report
In October 2025, we announced that:
Previous report
we are prioritizing refractory RA as the lead indication for AlloNK development;
Previous report
the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation to AlloNK for the treatment of refractory RA in combination with rituximab;
Previous report
we plan to share initial safety and translational data for over 20 patients treated with AlloNK and mAb across multiple autoimmune diseases in mid-November 2025;
Previous report
we plan to release clinical response data across dose levels from more than 15 refractory RA patients in the first half of 2026; and
Previous report
we plan to conduct FDA regulatory interactions in the first half of 2026 to align on the potential pivotal trial design for AlloNK in refractory RA.
Previous report
In November 2025, we announced that 32 patients with autoimmune disease have been treated with AlloNK and mAb across company-sponsored and investigator-initiated trials.
Previous report
Seminal peer-reviewed clinical studies using autologous CD19 chimeric antigen receptor (CAR) T-cell therapy (auto-CAR-T) for the treatment of autoimmune diseases have demonstrated that deep B-cell depletion in the periphery and in the lymphoid tissue can lead to high rates of clinical response and durability after a single cycle of treatment. We have already demonstrated that AlloNK in combination with rituximab was able to drive deep B-cell depletion in the periphery and observed complete responses (CRs) in heavily pre-treated patients naïve to auto-CAR-T in our Phase 1/2 clinical trial in patients with relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL). We believe the preliminary results from our Phase 1/2 clinical trial evaluating AlloNK in combination with rituximab in patients with B-NHL provide for a readthrough to autoimmune disease because efficacy in both diseases appears to be accomplished with a shared mechanism of action involving B-cell depletion in the periphery and in the lymphoid tissues, followed by an immunological reset and B-cell reconstitution. In July 2025, we completed this trial and decided to discontinue the remaining long term follow up period to focus our resources on pursuing autoimmune indications.
Previous report
On May 8, 2026, we announced positive initial clinical data from ongoing clinical trials evaluating AlloNK in combination with rituximab. As of the April 3, 2026 data cutoff, the initial clinical dataset includes 21 refractory RA patients with at least 12 weeks of follow-up, including 13 patients with six months of follow-up, from our company-sponsored Phase 2a basket trial and an IIT evaluating AlloNK in B-cell driven autoimmune diseases. The broader autoimmune dataset also includes 11 SjD patients and five SSc patients, including seven SjD patients and four SSc patients with at least six months of follow-up.
Previous report
We also announced alignment with the FDA on a single registrational randomized controlled trial design for AlloNK in refractory RA expected to enroll approximately 150 RA patients who have had an inadequate response to two or more biologic or targeted synthetic disease modifying anti-rheumatic drugs (b/tsDMARDs) of distinct classes. Patients are expected to be randomized 2:1 to receive AlloNK plus rituximab or rituximab alone, with ACR50 response at six months as the primary efficacy endpoint.
Previous report
As of April 30, 2026, more than 70 autoimmune patients had initiated treatment with AlloNK across ongoing clinical trials, with more than 40 clinical sites activated globally. All patients have been treated in the outpatient setting, with the majority treated in community rheumatology clinics, providing a strong foundation to support our planned Phase 3 registrational trial in refractory RA.
Previous report
In June 2026, the FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to AlloNK in combination with rituximab for the treatment of refractory RA. RMAT designation provides access to expedited development and review benefits, including early and frequent FDA interactions, and is intended to facilitate efficient development of regenerative medicine therapies for serious conditions. The RMAT designation supports our planned registrational strategy in refractory RA.
Previous report
Summary of Efficacy Data in Refractory RA
Previous report
Patients had longstanding and highly active disease, with mean disease duration of 14.8 years. All patients had high disease activity at baseline and 81% had failed two or more prior b/tsDMARD classes. More than 50% of patients with six months of follow-up achieved an ACR50 response. Patients with only 12 weeks of follow-up demonstrated early improvements across disease activity measures consistent with those observed in patients with six or more months of follow-up. No patient started a new b/tsDMARD following treatment with AlloNK plus rituximab as of the data cutoff.
Previous report
Nineteen of 21 patients demonstrated clinically meaningful reductions from baseline in both CDAI (defined as reductions of at least 12 points) and DAS28-ESR (defined as reductions of at least 1.2 points). Clinically meaningful reductions in CDAI and DAS28-ESR were observed by three months and deepened at six months, with mean reductions from baseline at six months of 37 points in CDAI and 2.8 points in DAS28-ESR.
Previous report
Summary of Safety Data
Previous report
No cytokine release syndrome (CRS) or immune effector cell-associated neurotoxicity syndrome (ICANS) was reported. Additionally, no treatment discontinuations due to adverse events and no serious adverse events related to AlloNK were reported.
Previous report
The most common treatment-emergent adverse events were consistent with those associated with rituximab or cyclophosphamide/fludarabine conditioning. The Grade 3 or higher infection rate was 2% (n=1), which is comparable to serious infection rates reported for approved RA therapies, including rituximab and other biologic or targeted therapies.
Previous report
During the initial 28-day post-treatment period, no patients were hospitalized for infection. Two of 55 autoimmune patients treated with AlloNK plus rituximab were hospitalized for treatment-emergent adverse events during this period: one admission for dehydration in a SjD patient with diarrhea and one admission for diabetic ketoacidosis in a RA patient with insulin-dependent Type 2 diabetes. Neither hospitalization was deemed related to AlloNK.
Previous report
Summary of B-cell depletion and B-cell reconstitution profile
Previous report
Uniform and consistent B-cell depletion in peripheral blood was observed by Day 13 in all 51 patients treated with cyclophosphamide/fludarabine, AlloNK and rituximab who had available samples as of the April 3, 2026 data cutoff. Complete B-cell depletion was observed using a high-sensitivity assay in all 28 RA patients evaluated as of the data cutoff. A predominance of naïve/transitional B cells was observed in all 13 patients treated with AlloNK plus rituximab who had B-cell reconstitution as of the data cutoff date, consistent with the hypothesized B-cell “reset” mechanism.
Previous report
Summary of Efficacy Data in SjD and SSc
Previous report
As of the April 3, 2026 data cutoff, initial clinical data included 11 patients with moderate-to-severe SjD and five patients with moderate-to-severe SSc. Clinical responses observed in these patient populations were consistent with the RA data and support the potential of AlloNK across B-cell driven autoimmune diseases. In SjD, patients demonstrated mean improvements at six months (n=7) of 8.6 points in ClinESSDAI, 6.6 points in ESSDAI and 3.0 points in ESSPRI, with a mean increase of 0.76 mL/min in stimulated salivary flow. All patients were off steroids as of the April 3, 2026 data cutoff. In SSc, patients demonstrated a mean improvement in mRSS of 9.5 points at six months (n=4), with 100% achieving rCRISS25 and 50% achieving rCRISS50 responses among patients with six months of follow-up. No patients were on steroids as of the April 3, 2026 data cutoff.
Previous report
FDA Alignment and Registrational Strategy in Refractory RA
Previous report
Following the recent FDA interaction, we are in the process of initiating a Phase 3 randomized controlled trial evaluating AlloNK in approximately 150 RA patients who have had an inadequate response to two or more b/tsDMARDs of distinct classes. We have alignment with the FDA on our plans to conduct a single registrational trial design. Patients are expected to be randomized 2:1 to receive AlloNK plus rituximab or rituximab alone, with ACR50 response at six months as the primary efficacy endpoint. Rituximab was selected as the active comparator because it is a component of the proposed AlloNK treatment regimen, is approved for the treatment of RA and has demonstrated ACR50 responses at six months in line with other approved RA therapies. Patients randomized to the rituximab-alone control arm who do not respond are expected to have the opportunity to cross over to the AlloNK plus rituximab arm at six months.
Previous report
The proposed AlloNK dosing regimen is expected to include two doses of 4 billion AlloNK cells administered on Days 6 and 20 together with rituximab, following conditioning with low-dose cyclophosphamide and fludarabine on Days 1, 2 and 3.
Previous report
Assuming a favorable risk-benefit profile, we believe our ongoing and planned autoimmune clinical trials, including the planned Phase 3 registrational trial in refractory RA, will generate a safety database of more than 250 patients treated with AlloNK plus rituximab, consisting primarily of RA patients and including patients with other autoimmune diseases, to support a potential biologics license application (BLA) submission for RA. Based on FDA feedback, we believe pooled safety data across autoimmune indications may supplement RA-specific safety data.
Previous report
Subject to final protocol and regulatory considerations, the trial is expected to be conducted globally across more than 80 sites, including approximately 40 sites already active in our ongoing autoimmune clinical program. We are initiating the registrational trial in the second half of 2026 and expect to report primary efficacy data in the second half of 2028, with a potential BLA submission in 2029.
Previous report
Significant opportunity and unmet need in refractory RA
Previous report
RA remains a large and underserved autoimmune disease, particularly among patients who have had an inadequate response to two or more b/tsDMARD classes, also known as difficult-to-treat RA under EULAR guidelines. We estimate that between 150,000 to 200,000 patients in the U.S. have failed two or more b/tsDMARDs, representing approximately 25% of the U.S. b/tsDMARD-treated RA population. Real-world registry analyses and published data suggest that patients in this setting only have an 11% to 19% likelihood of achieving an ACR50 response with currently available therapies. We estimate that within the U.S. RA market (valued at approximately $20 billion per year), about $5 billion annually is spent on patients with an 80–90% chance of not achieving an ACR50 response.
Previous report
Our objective is to develop AlloNK as a deep B-cell depleting therapy in combination with rituximab with the potential to deliver ACR50 responses in at least 50% of refractory RA patients at six months, provide durable clinical benefit, and offer an outpatient treatment profile that can be administered and managed in community rheumatology settings. We expect patients in the rituximab-alone control arm to achieve ACR50 responses of approximately 20% to 25% at six months.
Previous report
The manufacturing of our cell therapy products is novel and complex, and we have invested substantial resources to optimize the manufacturing process of our product candidates, including selection and optimization of cord blood units, establishing cold chain supply logistics and leveraging the current Good Manufacturing Practices (cGMP) manufacturing facility of GC Cell Corporation (GC Cell) to expand NK cells and create our product candidates. We also currently operate manufacturing facilities at our leased facility in San Diego, California to support NK and CAR-NK cell production for our pipeline development and clinical trial (and potentially commercial) supply. We also currently rely on other third-parties to ship and store our cord blood units and drug product lots, master and working feeder cell banks, as well as other components used in the manufacturing process for our product candidates, and we expect to continue to do so to meet our preclinical, clinical, and potential commercial activities. We expect that we and GC Cell will be capable of providing and processing sufficient quantities of our product candidates to meet anticipated clinical trial demands cost-effectively. However, any disruption in the supply or manufacture of our product candidates could result in delays in our preclinical studies and clinical trials and increase the costs of our research and development activities. We plan to continue to invest in our manufacturing capability and cryopreservation techniques to continuously improve our production and supply chain capabilities over time.
Previous report
Research and development activities are central to our business model. There are numerous factors associated with the successful commercialization of any of our product candidates, including future trial design and various regulatory requirements, many of which cannot be determined with accuracy at this time based on our stage of development. In addition, future regulatory factors beyond our control may impact our development programs. Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials.
Previous report
At this time, we cannot reasonably estimate or know the nature, timing and costs of the efforts that will be necessary to complete the preclinical and clinical development of any of our product candidates. However, we expect that our research and development expenses will increase substantially in connection with our planned preclinical and clinical development activities in the near term and in the future.
Previous report
Other (Expense) Income, Net
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Previous report
General and Administrative Expenses. General and administrative expenses were $10.1 million for each of the six months ended June 30, 2026 and 2025. Changes included a $0.3 million increase in personnel-related costs, offset by a $0.3 million decrease in other operational and legal costs.
Previous report
We expect our expenses and capital requirements to increase significantly in connection with our ongoing activities, particularly as we advance our lead product candidates and other development programs, in addition to the costs associated with operating as a public company. Accordingly, beyond the net proceeds raised in the IPO (including the partial exercise of the underwriters’ overallotment option), we will continue to require substantial additional funding to support our continuing operations.
Previous report
the initiation, type, number, scope, results, costs and timing of, our ongoing and planned clinical trials of AlloNK, preclinical studies, and initiation of clinical trials for future product candidates, including feedback received from regulatory authorities;
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Reworded paragraphs (28)
Previous wording
The following discussion and analysis of our financial condition and results of operations and the unaudited interim condensed financial statements and related notes included in this Quarterly Report on Form 10-Q (the Quarterly Report) should be read in conjunction with the audited financial statements and related notes thereto as of and for the year ended December 31, 2025, and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 10, 2026 (Annual Report). This discussion and analysis and other parts of this Quarterly Report contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives and expectations for our business. Our actual results and the timing of selected events could differ materially from those described in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the sections of this Quarterly Report entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors,” under Part II, Item 1A.
Current wording
The following discussion and analysis of our financial condition and results of operations and the unaudited interim condensed financial statements and related notes included in this Quarterly Report on Form 10-Q (Quarterly Report) should be read in conjunction with the audited financial statements and related notes thereto as of and for the year ended December 31, 2025, and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations, both of which are contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on March 10, 2026 (Annual Report). This discussion and analysis and other parts of this Quarterly Report contain forward-looking statements based upon current beliefs, plans and expectations related to future events and our future financial performance that involve risks, uncertainties and assumptions, such as statements regarding our intentions, plans, objectives and expectations for our business. Our actual results and the timing of selected events could differ materially from those described in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the sections of this Quarterly Report entitled “Special Note Regarding Forward-Looking Statements” and “Risk Factors,” under Part II, Item 1A.
Previous wording
We are a clinical-stage biotechnology company focused on developing off-the-shelf, allogeneic, natural killer (NK) cell-based therapies for patients suffering from debilitating autoimmune diseases. Our product candidates are derived from donor cells (allogeneic) rather than a patient’s own cells (autologous) and are pre-manufactured, stored frozen and ready to ship to a patient’s treatment location, making them what we believe to be “off-the-shelf.” Our lead product candidate, AlloNK, is a non-genetically modified, cryopreserved NK cell therapy being evaluated in combination with B-cell targeted monoclonal antibodies (mAbs) in three ongoing clinical trials for the treatment of B-cell driven autoimmune diseases, including a Phase 2a basket trial in multiple autoimmune indications including rheumatoid arthritis (RA) and Sjögren’s disease (SjD) and a basket investigator-initiated trial (IIT) in B-cell driven autoimmune indications.
Current wording
We are a clinical-stage biotechnology company focused on developing off-the-shelf, allogeneic, natural killer (NK) cell-based therapies for patients suffering from debilitating autoimmune diseases. Our product candidates are derived from donor cells (allogeneic) rather than a patient’s own cells (autologous) and are pre-manufactured, stored frozen and ready to ship to a patient’s treatment location, making them what we believe to be “off-the-shelf.” Our former lead product candidate, AlloNK, is a non-genetically modified, cryopreserved NK cell therapy that, before the discontinuation of our AlloNK program, was being evaluated in combination with B-cell targeted monoclonal antibodies (mAbs) in three clinical trials for the treatment of B-cell driven autoimmune diseases, including a Phase 1 trial in lupus nephritis, a Phase 2a basket trial in multiple autoimmune indications including rheumatoid arthritis (RA) and Sjögren’s disease (SjD) and a basket investigator-initiated trial (IIT) in B-cell driven autoimmune indications. In October 2026, we announced the discontinuation of development of our AlloNK program.
Previous wording
$70.0 million from our Series A convertible preferred stock financings, $120.0 million from our Series B convertible preferred stock financing and $24.4 million from our SAFEs. Additionally, in July 2024, we closed on our IPO, in which we issued and sold 13,920,000 shares of common stock at a public offering price of $12.00 per share. We also sold an additional 1,000,000 shares of common stock upon the partial exercise of the underwriters’ purchase option. The aggregate net proceeds of the IPO, inclusive of the partial exercise of the underwriters’ purchase option and after deducting underwriting discounts, commissions, and offering expenses, was $162.3 million. In May 2026, we closed on our May 2026 Offering, in which we issued and sold 23,871,526 shares of common stock at a price of $11.52 per share and pre-funded warrants, in lieu of common stock to certain investors, to purchase 2,170,138 shares of common stock at a price of $11.5199 per pre-funded warrant. The net proceeds of the May 2026 Offering, after deducting underwriting discounts, commissions, and offering expenses, was $282.7 million.
Current wording
We commenced our operations in 2019 and have devoted substantially all of our resources to date to organizing and staffing our company, business planning, raising capital, establishing and engaging in collaborations, conducting research and development, advancing and scaling up product candidate manufacturing, establishing cold chain delivery logistics, establishing and protecting our intellectual property portfolio and providing general and administrative support for these activities. From our inception through September 30, 2026, we have raised aggregate gross proceeds of $8.0 million from the issuance and sale of convertible promissory notes, $70.0 million from our Series A convertible preferred stock financings, $120.0 million from our Series B convertible preferred stock financing and $24.4 million from our SAFEs. Additionally, in July 2024, we closed on our IPO, in which we issued and sold 13,920,000 shares of common stock at a public offering price of $12.00 per share (the IPO Price). We also sold an additional 1,000,000 shares of common stock upon the partial exercise of the underwriters’ purchase option. The aggregate net proceeds of the IPO, inclusive of the partial exercise of the underwriters’ purchase option and after deducting underwriting discounts, commissions, and offering expenses, was $162.3 million. In May 2026, we closed on our May 2026 Offering, in which we issued and sold 23,871,526 shares of common stock at a price of $11.52 per share and pre-funded warrants, in lieu of common stock to certain investors, to purchase 2,170,138 shares of common stock at a price of $11.5199 per pre-funded warrant. The net proceeds of the May 2026 Offering, after deducting underwriting discounts, commissions, and offering expenses, was $282.7 million.
Previous wording
We have incurred a net loss of $48.5 million and $41.6 million during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, we had an accumulated deficit of $379.1 million, cash, cash equivalents and investments of $349.4 million. We expect to continue to incur significant losses for the foreseeable future as we advance our current and future product candidates through preclinical and clinical development, continue to build our operations and transition to operating as a public company. Accordingly, until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings or other capital sources, which may include sales of shares of common stock under the Sales Agreement (as defined below) entered into with Leerink Partners LLC in August 2025, or other sources, such as our existing and any future strategic collaborations and other strategic arrangements with third parties. However, we may not be able to raise additional funds or enter into such other arrangements when needed or on favorable terms, or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise additional funds through collaboration or licensing arrangements with third parties or other strategic transactions, we may have to relinquish rights to our intellectual property, future revenue streams, research programs, or product candidates or grant licenses on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional capital or enter into such arrangements when needed, we could be forced to delay, limit, reduce or terminate our research and development programs or future commercialization efforts, or grant rights to develop and market our product candidates even if we would otherwise prefer to develop and market such product candidates ourselves.
Current wording
We have incurred a net loss of $77.3 million and $63.1 million during the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, we had an accumulated deficit of $407.9 million, cash, cash equivalents and short-term investments of $319.1 million. We expect to continue to incur losses for the foreseeable future as we wind down our AlloNK development program, evaluate strategic alternatives and satisfy our remaining obligations, including the costs of operating as a public company. Our future capital requirements will depend on the costs and timing of these activities and the outcome of our strategic review. If additional funding is needed, we may seek public or private equity or debt financings or other capital sources, including sales of shares of common stock under the Sales Agreement (as defined below) entered into with Leerink Partners LLC in August 2025, as amended, our current or any future collaborations or other strategic arrangements with third parties. Such funding or arrangements may not be available when needed or on favorable terms, or at all. Equity or convertible debt financings could dilute our stockholders, and the terms may include liquidation or other preferences that adversely affect the rights of our common stockholders. Debt or equity financing may also involve covenants restricting our activities. Collaboration, licensing or other strategic arrangements may require us to relinquish rights to intellectual property, future revenue streams, research programs or product candidates on unfavorable terms. If we cannot obtain funding or complete strategic arrangements when needed, we may be unable to implement our future business plans or satisfy our remaining obligations.
Previous wording
General and administrative expenses consist of personnel-related expenses, including salaries and related benefits, travel and stock-based compensation expenses for personnel engaged in executive, finance and other administrative functions. Other significant costs include facilities-related costs, legal fees relating to intellectual property and corporate matters, professional fees for accounting and consulting services and insurance costs. Additionally, costs include audit, legal, regulatory and tax-related services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums and investor relations costs associated with operating as a public company. We expect that our general and administrative expenses will increase substantially for the foreseeable future to support our continued research and development activities, pre-commercial preparation activities for our product candidates, and, if any product candidate receives marketing approval, commercialization activities.
Current wording
General and administrative expenses consist of personnel-related expenses, including salaries and related benefits, travel and stock-based compensation expenses for personnel engaged in executive, finance and other administrative functions. Other significant costs include facilities-related costs, legal fees relating to intellectual property and corporate matters, professional fees for accounting and consulting services and insurance costs. Additionally, costs include audit, legal, regulatory and tax-related services associated with maintaining compliance with exchange listing and SEC requirements, director and officer insurance premiums and investor relations costs associated with operating as a public company. We generally expect that our general and administrative expenses will decrease significantly as we wind down our AlloNK development program, including through implementation of our workforce reduction, which was approved in October 2026 and is expected to be completed in the first quarter of 2027. However, we expect to incur costs related to the workforce reduction, including severance, benefits, payroll taxes and other termination costs, as described under “Recent Developments” above. We expect to incur a significant majority of the costs related to the Wind Down in the fourth quarter of 2026. These estimated costs and their timing are subject to a number of assumptions, and actual results may differ materially. We may also incur other charges or cash expenditures not currently contemplated due to events that may occur as a result of, or associated with, the Wind Down and our review of strategic alternatives, which could be material to our results of operations and financial condition.
Previous wording
Other (expense) income, net consists primarily of interest expense and realized gains/losses on foreign exchange transactions.
Current wording
Other expense consists primarily of interest expense and realized losses on foreign exchange transactions.
Previous wording
On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was enacted in the United States. The OBBBA includes corporate provisions that make 100% bonus depreciation permanent, allow for the expensing of domestic research costs, and modifies the business interest expense limitation calculation. These changes were incorporated into our income tax provision for the year ended December 31, 2025, resulting in no impact to our fiscal year 2025 effective tax rate and net deferred tax assets as we maintain a full valuation allowance.
Current wording
On July 4, 2025, the One Big Beautiful Bill Act (the OBBBA) was enacted in the United States. The OBBBA includes corporate provisions that make 100% bonus depreciation permanent, allow for the expensing of domestic research costs, and modify the business interest expense limitation calculation. These changes were incorporated into our income tax provision for the year ended December 31, 2025, resulting in no impact to our fiscal year 2025 effective tax rate and net deferred tax assets as we maintain a full valuation allowance.
Previous wording
Research and development expenses were $21.9 million for the three months ended June 30, 2026, compared to $17.9 million for the three months ended June 30, 2025. The increase of $4.1 million was primarily due to a $3.2 million increase in external research and development expense, and a $0.9 million increase in internal research and development expense. The $3.2 million increase in external research and development expense is primarily due to an increase in AlloNK costs related to product candidate development and ongoing clinical trials exploring AlloNK in autoimmune diseases. The $0.9 million increase in internal research and development expense is primarily due to a $1.0 million increase in personnel-related expenses due to increased headcount, partially offset by a $0.1 million decrease in other operating costs.
Current wording
Research and development expenses were $26.0 million for the three months ended September 30, 2026, compared to $17.6 million for the three months ended September 30, 2025. The increase of $8.4 million was primarily due to a $5.5 million increase in external research and development expense, and a $2.8 million increase in internal research and development expense. The $5.5 million increase in external research and development expense is primarily due to an increase in AlloNK costs related to product candidate development and clinical trials exploring AlloNK in autoimmune diseases. The $2.8 million increase in internal research and development expense is primarily due to a $2.6 million increase in personnel-related expenses due to increased headcount, plus $0.2 million in other operating costs.
Previous wording
General and Administrative Expenses. General and administrative expenses were $5.0 million for the three months ended June 30, 2026, compared to $4.9 million for the three months ended June 30, 2025. Changes included a $0.2 million increase in personnel-related costs, offset by a $0.2 million decrease in other operational and legal costs.
Current wording
General and Administrative Expenses. General and administrative expenses were $6.0 million for the three months ended September 30, 2026, compared to $5.3 million for the three months ended September 30, 2025. The increase of $0.7 million was primarily due to personnel-related costs from increased headcount, which consisted of increases of $0.5 million in non-cash stock-based compensation and $0.2 million in administrative personnel expenses.
Previous wording
Other Income, Net. Other income, net was $1.9 million for the three months ended June 30, 2026, compared to other income, net of $1.6 million for the three months ended June 30, 2025. The increase of $0.3 million was primarily due to an increase in interest income due to a higher money market and investment balance in the second quarter of 2026 from the May 2026 Offering.
Current wording
Other Income, Net. Other income, net was $3.1 million for the three months ended September 30, 2026, compared to other income, net of $1.4 million for the three months ended September 30, 2025. The increase of $1.8 million was primarily due to an increase in interest income due to higher money market and investment balances in the third quarter of 2026 from the May 2026 Offering.
Previous wording
Unrealized (Loss) Gain on Investments, Net. Unrealized loss on investments was $0.1 million for the six months ended June 30, 2026, compared to an unrealized gain of $0.1 million for the six months ended June 30, 2025. The decrease between periods of $0.3 million was due to the change in fair value of investments.
Current wording
Unrealized (Loss) Gain on Investments, Net. Unrealized loss on investments was $1.2 million for the three months ended September 30, 2026, compared to an unrealized gain of $0.1 million for the three months ended September 30, 2025. The decrease between periods of $1.3 million was due to the change in fair value of investments.
Previous wording
The following table summarizes our results of operations for the six months ended June 30, 2026 and 2025 (in thousands):
Current wording
The following table summarizes our results of operations for the nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
Research and Development Expenses. We track outsourced development, outsourced personnel costs and other external research and development costs of specific programs. We do not track our internal research and development costs on a program-by-program basis. The following table summarizes our research and development expenses for the six months ended June 30, 2026 and 2025 (in thousands):
Current wording
Research and Development Expenses. We track outsourced development, outsourced personnel costs and other external research and development costs of specific programs. We do not track our internal research and development costs on a program-by-program basis. The following table summarizes our research and development expenses for the nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
Research and development expenses were $41.2 million for the six months ended June 30, 2026, compared to $34.9 million for the six months ended June 30, 2025. The increase of $6.3 million was primarily due to a $5.5 million increase in external research and development expense, and a $0.8 million increase in internal research and development expense. The $5.5 million increase in external research and development expense is primarily due to an increase in AlloNK costs related to product candidate development and ongoing clinical trials exploring AlloNK in autoimmune diseases. The $0.8 million increase in internal research and development expense is primarily due to a $1.6 million increase in personnel-related expenses, partially offset by a decrease of $0.8 million in other operating costs.
Current wording
Research and development expenses were $67.2 million for the nine months ended September 30, 2026, compared to $52.5 million for the nine months ended September 30, 2025. The increase of $14.7 million was primarily due to a $11.0 million increase in external research and development expense, and a $3.7 million increase in internal research and development expense. The $11.0 million increase in external research and development expense is primarily due to an increase in AlloNK costs related to product candidate development and clinical trials exploring AlloNK in autoimmune diseases. The $3.7 million increase in internal research and development expense is primarily due to a $4.3 million increase in personnel-related expenses, partially offset by a decrease of $0.6 million in other operating costs.
Previous wording
Other Income, Net. Other income, net was $2.8 million for the six months ended June 30, 2026, compared to other income, net of $3.4 million for the six months ended June 30, 2025. The decrease of $0.6 million was primarily due to a decrease in interest income due to overall higher average investment balances during the six months ended June 30, 2025.
Current wording
Other Income, Net. Other income, net was $5.9 million for the nine months ended September 30, 2026, compared to other income, net of $4.8 million for the nine months ended September 30, 2025. The increase of $1.1 million was primarily due to an increase in interest income due to higher money market and investment balances in 2026 from the May 2026 Offering.
Previous wording
Unrealized (Loss) Gain on Investments, Net. Unrealized loss on investments was $3 thousand for the three months ended June 30, 2026, compared to an unrealized gain of $2 thousand for the three months ended June 30, 2025. The decrease between periods of $5 thousand was due to the change in fair value of investments.
Current wording
Unrealized (Loss) Gain on Investments, Net. Unrealized loss on investments was $1.3 million for the nine months ended September 30, 2026, compared to an unrealized gain of $0.2 million for the nine months ended September 30, 2025. The decrease between periods of $1.6 million was due to the change in fair value of investments.
Previous wording
We have incurred net losses and negative cash flows from operations since our inception and expect to continue to incur significant and increasing operating losses for the foreseeable future. We have never generated any revenue from product sales and do not expect to generate any revenues from product sales unless and until we successfully complete development of and obtain regulatory approval for our product candidates, which will not be for several years, if ever. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. From our inception through June 30, 2026, we have raised aggregate gross proceeds of $741.9 million to fund our operations, comprised primarily of proceeds received from the IPO, including proceeds from the underwriters’ partial exercise of their overallotment option, proceeds received from the May 2026 Offering, our issuance of convertible promissory notes, SAFEs, private placements of our convertible preferred stock, and funds received from collaboration arrangements. As of June 30, 2026, we had cash, cash equivalents and investments of $349.4 million, and an accumulated deficit of $379.1 million. Based on our current operating plans, we expect our existing cash, cash equivalents and investments will be sufficient to fund our planned operating expenses and capital expenditure requirements into 2029. Our total future capital requirements will depend on many factors and is subject to the risks and uncertainties set forth in the section titled “Risk Factors.”
Current wording
We have incurred net losses and negative cash flows from operations since our inception and expect to continue to incur significant operating losses for the foreseeable future. We have never generated any revenue from product sales and do not expect to generate any revenues from product sales unless and until we successfully complete development of and obtain regulatory approval for our product candidates, which will not be for several years, if ever. In addition, if we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. From our inception through September 30, 2026, we have raised aggregate gross proceeds of $742.4 million to fund our operations, comprised primarily of proceeds received from the IPO, including proceeds from the underwriters’ partial exercise of their overallotment option, proceeds received from the May 2026 Offering, our issuance of convertible promissory notes, SAFEs, private placements of our convertible preferred stock, and funds received from collaboration arrangements. As of September 30, 2026, we had cash, cash equivalents and short-term investments of $319.1 million, and an accumulated deficit of $407.9 million. Based on our current operating plans, we expect our existing cash, cash equivalents and short-term investments will be sufficient to fund our planned operating expenses and capital expenditure requirements for at least 12 months following the filing of this Quarterly Report on Form 10-Q. Our total future capital requirements will depend on many factors and is subject to the risks and uncertainties set forth in the section titled “Risk Factors.”
Previous wording
In August 2025, we entered into a sales agreement (the Sales Agreement) with Leerink Partners LLC (the Agent or Leerink Partners), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $11,950,000 in “at the market” offerings (the ATM Offering Program) through the Agent. Sales of the shares of common stock will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. We will pay a commission to the Agent of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. In May 2026, we suspended the ATM Offering Program, though the Sales Agreement remains in full force and effect. No shares of common stock were sold under the ATM Offering Program during the three and six months ended June 30, 2026.
Current wording
In August 2025, we entered into a sales agreement (the Sales Agreement) with Leerink Partners LLC (the Agent or Leerink Partners), under which we may, from time to time, sell shares of our common stock having an aggregate offering price of up to $11,950,000 in “at the market” offerings (the ATM Offering Program) through the Agent. In August 2026, we entered into an amended and restated sales agreement with the Agent, increasing the aggregate offering price allowable under the Sales Agreement to $100,000,000. Sales of the shares of common stock will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. We will pay a commission to the Agent of up to 3.0% of the gross proceeds of any shares of common stock sold under the Sales Agreement. No shares of common stock were sold under the ATM Offering Program during the three and nine months ended September 30, 2026.
Previous wording
The following table sets forth a summary of the net cash flow activity for the six months ended June 30, 2026, and 2025 (in thousands):
Current wording
The following table sets forth a summary of the net cash flow activity for the nine months ended September 30, 2026, and 2025 (in thousands):
Previous wording
Net cash used in operating activities for the six months ended June 30, 2025, was $42.8 million, consisting primarily of our net loss incurred during the period of $41.6 million and net changes in operating assets and liabilities of $4.9 million, partially offset by $3.6 million of net non-cash charges. Net non-cash charges consisted of $3.6 million in stock-based compensation expense, $1.2 million in depreciation and amortization expense, partially offset by $1.2 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $3.6 million increase in prepaid expense and other current assets, a $1.5 million decrease in accrued expenses, and a $0.2 million change in other net balance sheet assets and liabilities.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2026, was $69.8 million, consisting primarily of our net loss incurred during the period of $77.3 million, partially offset by $7.5 million of net non-cash charges. Net non-cash charges consisted of $6.3 million in stock-based compensation expense, $2.1 million in depreciation and amortization expense, partially offset by $0.8 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $2.5 million increase in prepaid expense and other current assets, a $1.5 million increase in accounts payable, a $1.6 million increase in accrued expenses, and a $0.6 million change in other net balance sheet assets and liabilities.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2026, was $41.3 million, consisting primarily of our net loss incurred during the period of $48.5 million, partially offset by $4.5 million of net non-cash charges and $2.7 million of net changes in operating assets and liabilities. Net non-cash charges consisted of $3.5 million in stock-based compensation expense, $1.3 million in depreciation and amortization expense, partially offset by $0.3 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $1.9 million decrease in prepaid expense and other current assets, a $1.0 million increase in accounts payable, and a $0.2 million change in other net balance sheet assets and liabilities.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2025, was $62.0 million, consisting primarily of our net loss incurred during the period of $63.1 million and net changes in operating assets and liabilities of $4.5 million, partially offset by $5.6 million of net non-cash charges. Net non-cash charges consisted of $5.2 million in stock-based compensation expense, $2.0 million in depreciation and amortization expense, partially offset by $1.6 million in accretion of discounts on investments. Changes in operating assets and liabilities included a $3.4 million increase in prepaid expense and other current assets, a $0.6 million decrease in accounts payable, a $0.4 million decrease in accrued expenses, and a $0.1 million change in other net balance sheet assets and liabilities.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2025, was $31.1 million related to $57.3 million in maturities of investments, partially offset by $24.6 million in purchases of investments and $1.6 million in purchases of property and equipment.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2026, was $178.8 million, primarily due to $241.9 million in purchases of investments and $1.7 million in purchases of property and equipment, partially offset by $64.8 million in maturities of investments.
Previous wording
Net cash provided by investing activities for the six months ended June 30, 2026, was $32.9 million related to $40.0 million in maturities of investments, partially offset by $6.4 million in purchases of investments and $0.7 million in purchases of property and equipment.
Current wording
Net cash provided by investing activities for the nine months ended September 30, 2025, was $47.4 million related to $86.9 million in maturities of investments, partially offset by $37.3 million in purchases of investments and $2.2 million in purchases of property and equipment.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2026, was $283.2 million primarily related to $300.0 million in gross proceeds received from the May 2026 Offering and $0.2 million in cash received for stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP), partially offset by $16.8 million in issuance costs paid for the May 2026 Offering and $0.2 million in payments to taxing authorities related to net-settlement of vested RSUs.
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2026, was $283.1 million primarily related to $300.0 million in gross proceeds received from the May 2026 Offering and $0.7 million in cash received for stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP), partially offset by $17.3 million in issuance costs paid for the May 2026 Offering and $0.2 million in payments to taxing authorities related to net-settlement of vested RSUs.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2025, was $0.2 million primarily related to cash received from stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP).
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2025, was $0.1 million primarily related to $0.4 million in cash received from stock option exercises and stock issued in association with our 2024 Employee Stock Purchase Plan (ESPP), partially offset by $0.2 million in financing lease payments and payments to taxing authorities related to net-settlement of vested RSUs.
Previous wording
In August 2022, we entered into a lease agreement to use designated laboratory and vivarium space in San Diego, California (the Explora Lease). The Explora Lease is accounted for as an operating lease and commenced in August 2022. The Explora Lease had an initial term of 36 months with automatic one-year renewals for up to three additional years and includes aggregate payments to the lessor of approximately $0.8 million with a rent escalation clause. We extended the lease through August 2026.
Current wording
In August 2022, we entered into a lease agreement to use designated laboratory and vivarium space in San Diego, California (the Explora Lease). The Explora Lease is accounted for as an operating lease and commenced in August 2022. The Explora Lease had an initial term of 36 months with automatic one-year renewals for up to three additional years and includes aggregate payments to the lessor of approximately $0.8 million with a rent escalation clause. We extended the lease through August 2026. The Explora Lease expired in August 2026 and was not renewed.
Previous wording
On July 22, 2022, we entered into a sublease (the Sublease Agreement) with Origis Operating Services, LLC, (the Sublessee), whereby we agreed to sublease to Sublessee all of the 13,405 rentable square feet of office space currently leased by us under the Executive Drive Lease. The sublease commenced on August 1, 2022, and had a term through December 31, 2025. The aggregate base rent was approximately $2.6 million commencing August 1, 2022. We record sublease income as a reduction of general and administrative expense. Upon execution of the Sublease Agreement, we received a cash security deposit of $0.1 million from the Sublessee which was recorded as other current liabilities in the balance sheet as of December 31, 2025. The security deposit was refunded to the Sublessee in March 2026.
Current wording
On July 22, 2022, we entered into a sublease (the Sublease Agreement) with Origis Operating Services, LLC, (the Sublessee), whereby we agreed to sublease to Sublessee all of the 13,405 rentable square feet of office space previously leased by us under the Executive Drive Lease. The sublease commenced on August 1, 2022, and had a term through December 31, 2025. The aggregate base rent was approximately $2.6 million commencing August 1, 2022. We recorded sublease income as a reduction of general and administrative expense. Upon execution of the Sublease Agreement, we received a cash security deposit of $0.1 million from the Sublessee which was recorded as other current liabilities in the balance sheet as of December 31, 2025. The security deposit was refunded to the Sublessee in March 2026.
Previous wording
As of June 30, 2026, we have future minimum obligations under the Company's operating leases of $11.1 million relating to leases we have recognized in the condensed balance sheets, of which $1.7 million is payable before December 31, 2026.
Current wording
As of September 30, 2026, we have future minimum obligations under the Company's operating leases of $10.2 million relating to leases we have recognized in the condensed balance sheets, of which $0.8 million is payable before December 31, 2026.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
We commenced our operations in 2019 and have devoted substantially all of our resources to date to organizing and staffing our company, business planning, raising capital, establishing and engaging in collaborations, conducting research and development, advancing and scaling up product candidate manufacturing, establishing cold chain delivery logistics, establishing and protecting our intellectual property portfolio and providing general and administrative support for these activities. From our inception through June 30, 2026, we have raised aggregate gross proceeds of $8.0 million from the issuance and sale of convertible promissory notes,
Previous report — wording carried elsewhere
Our future capital requirements will depend on many factors, including: